Frequently Asked Questions: Net Zero Company Benchmark

The Net Zero Company Benchmark assesses the performance of focus companies against the three high-level goals agreed to by signatories: mitigating financial risk by reducing greenhouse gas emissions, improving climate governance, and strengthening climate-related financial disclosures. It contains two types of complementary analyses drawing on public and self-disclosed data by companies.

Stakeholder feedback has shown that the Benchmark supports investors as they set company-specific engagement priorities, track progress, and exercise shareholder rights. It presents a useful tool to:

• Act as an independent reference point, assessing company climate performance in a consistent and comparable way.
• Shine a light on climate-related corporate risk factors most material for investors.
• Provide a clear signal of investor priorities, helping companies raise awareness, strengthen disclosures, and set climate targets.
• Highlight industry standards and may help shape disclosure norms beyond the Climate Action 100+ focus list.

The Benchmark builds on successive consultations with investors, companies, NGOs and other relevant stakeholders. In recent years, this has included: 

A public feedback survey on the framework and methodologies used for the March 2022 Benchmark company assessments, which was launched in November 2021 and open until April 2022.  

A public consultation on a set of proposals to enhance the Net Zero Company Benchmark for the next phase of Climate Action 100+, which opened in October 2022. The survey was open until 11 November 2022 and allowed investor signatories and other stakeholders to share their views on the proposed indicators for the 2023 Benchmark iteration. The feedback was collated and considered in the development of the methodology used for company assessments in 2023. 

Since this consultation, the Benchmark framework has been kept largely consistent to maintain continuity and track progress of focus companies.

Insights from a targeted stakeholder survey, along with a 2025 review of the broader transition planning ecosystem, have informed refinements to the framework and supported the development of new research partnerships for the upcoming 2026 Benchmark assessments. Our overarching aims have aligned with broad stakeholder requests for maintaining consistency, removing duplication, and increasing simplicity/ comprehendible outlines of what is required of companies.   

You can view the full history of the Benchmark tool and the changes applicable to it here. Please share your feedback here or reach out to us at [email protected]. 

Each research partner conducts independent company review processes, with varying data cut-off dates. Please refer to their individual review and redress processes for more information. 

A dedicated stakeholder survey conducted in 2025 captured feedback from companies on how the Benchmark assessments support them as well as identified barriers to progress.

Responses submitted before the end of July informed strategic discussions and contributed to the design of the 2026 framework and have been shared with research partners to help inform more nuanced methodologies and assessments. 

Climate-related risks are increasingly shaping investor decision-making. Companies that demonstrate credible transition planning, strong governance and resilience are better positioned to maintain investor confidence and long-term value. 

The Benchmark helps identify where expectations are evolving and where strengthened disclosure or strategy may be needed. 

Past Net Zero Company Benchmark company assessment results can be downloaded in Excel via the key findings page.You can also access past results via company scorecards using the link ‘Download Past Assessments.’ 

The Net Zero Company Benchmark draws on distinct analytical methodologies and datasets based on public and self-disclosed data from companies. These evaluate focus companies’ performance against investors’ expectations and company progress on the net-zero transition.

The assessment of company actions against the Benchmark Indicators serves as a starting point for investor signatories’ engagement with companies. However, investors have differing mandates, priorities, and starting points – along with jurisdictional, regulatory, and best-practice considerations – which inform how they make decisions and shape their engagements at local, sectoral, and company-specific levels. 

The Benchmark draws on public and self-disclosed data from companies: read more about the detailed methodologies of each research partner on our methodologies page.

The Benchmark does not specifically seek to score or rank companies. As every component of the Benchmark is important, the intent is to ensure that investors and other stakeholders give all Indicators, Sub-indicators, Metrics, and Alignment Assessments due consideration, rather than focusing on overall rankings or scores.  

Company assessments are intended to draw investor attention to the most significant aspects of corporate decarbonisation strategies and companies’ climate action or inaction. Some indicators may have greater relevance for certain companies, sectors or regions than others.   

The Net Zero Company Benchmark provides a mostly sector-neutral set of indicators and assessments designed to assess companies’ strategy for addressing climate-related risk. It outlines the key elements of a credible decarbonisation strategy that are relevant across all sectors and regions.  

The one exception to this, Carbon Tracker, has produced sector-specific assessments for companies in the Oil and Gas sector.  

Climate Action 100+ recognises the sectoral and regional nuances within the Benchmark and the importance of applying a deeper level of specificity in investor engagements. Some of these nuances are reflected in the ‘Notes’ section of each company’s online Benchmark scorecard.  

Scope 3 applicability has been defined based on research conducted to quantify materiality at the sector level, rather than at the individual CA100+ focus company level, whilst ensuring compatibility with the TPI Centre’s Carbon Performance assessment methodologies.  

Please note that there are some exceptions to the above Scope 3 applicability classifications and this approach is subject to review based on latest research. Please get in touch with us at [email protected] if you would like to learn more.   

The 2026 update introduces targeted refinements to ensure the Benchmark continues to reflect evolving investor expectations on climate governance, emissions reduction and transition planning. These updates build on the existing framework and aim to enhance clarity, consistency and usability for investors. 

The Benchmark is periodically reviewed to ensure it remains aligned with evolving market practices, investor expectations and developments in climate-related disclosure and transition planning. These updates help ensure the Benchmark continues to be a valuable tool and to help support effective, informed investor engagement. 

The 2026 updates reflect stakeholder feedback collected through last year’s survey and aim to make the Benchmark more practical, focused, and supportive of constructive dialogue between companies and investors. Updates were also designed to ensure simplicity, consistency, and ease of understanding, making the framework more accessible and actionable for all users.

The core structure and purpose of the Benchmark remain unchanged. The updates refine certain indicators and approaches to improve clarity and alignment with current expectations, but do not fundamentally alter the role of the Benchmark as a tool to support investor engagement. 

Investors can continue to use the Benchmark as a starting point to assess company alignment with net zero expectations and to inform engagement. The updated framework is designed to support more consistent and informed analysis, alongside other tools and data sources available to investors. 

While the overall structure remains consistent, some refinements may affect direct comparability at an indicator level. The accompanying “Overview of Changes” document provides further detail to help investors interpret any differences.

The updates have been developed with awareness of broader market developments and aim to maintain alignment, where appropriate, with widely used frameworks and investor expectations, while remaining specific to the objectives of Climate Action 100+. 

The development of the Benchmark framework is informed by ongoing input from investor working groups and governance bodies within the initiative. 

A dedicated stakeholder survey conducted in 2025 captured insights on how the Benchmark can best support investors, inform corporate progress, and guide refinements to assessments. Responses submitted before the end of July informed strategic discussions and contributed to the design of the 2026 framework. 

Further detail is available in the accompanying “Overview of Changes” document, which outlines updates to the framework and how they should be interpreted.